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Media reports suggest private equity firm is in talks with other Nortel creditors about a bid for all of the bankrupt vendor's assets
July 6, 2009
The likelihood of a creditor-led bid for control of bankrupt vendor Nortel Networks Ltd. increased during the weekend as various media reports suggested MatlinPatterson Global Advisers, a venture capital firm that specializes in "distressed assets," is actively seeking partners for a recapitalization of the Canadian giant.
The prospect of a bid for the whole of Nortel by creditors disgruntled at the current asset sale process first emerged last week. (See Nortel: Think Big, Nortel Creditors Cry Foul, and Nortel: It's All Up for Sale.)
Now, according to this Reuters report, MatlinPatterson is holding talks with other creditors in an effort to build a consortium of backers that could make a bid for Nortel before July 21, the deadline set for the auction of Nortel's CDMA and LTE (Long Term Evolution) access assets. (See NSN Picks at Nortel's Mobile Bones , How NSN Is Funding Its Nortel Bid, and Will Others Bid for Nortel's Wireless Assets? )
The pace of developments surrounding Nortel's current financial predicament has accelerated in the past few weeks. Here's a snapshot of the recent coverage from Light Reading and Unstrung:
Nortel's LTE Patent Goldmine
NSN Reveals Plans for Nortel's LTE
Nortel: We're Winning New Biz in APAC
Who's Waving Their Wad at Nortel’s MEN?
Airvana 'Looking Forward' to NSN/Nortel
Who's Dialing In for Nortel's VoIP Assets?
Nortel's LTE Brain Drain
NSN & Nortel: AlcaLu Loses Out
Richard Lowe, President of Carrier Networks, Nortel
— Ray Le Maistre, International News Editor, Light Reading
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